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acchapman03-gmai
February 1, 2023
Question

I have a total of $6,905 in capital losses and it says $3000 is deductible this year. Why am I only getting refunded $250?

  • February 1, 2023
  • 1 reply
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1 reply

VolvoGirl
VolvoGirl
Employee
February 1, 2023

It depends on your other income and whole tax return.  The loss doesn't come off your tax due.  

The Capital Loss Carryover only reduces your income so you are taxed on a lower amount.  Then the tax is calculated then your withholding and any credits are subtracted giving you a refund  or tax due.  

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